Nigeria’s headline inflation rose by 31bps to 15.69% y/y in April (March: 15.38% y/y). On the other hand, on a month-on-month basis, consumer prices increased by 2.13%, a slowdown from 4.18% m/m recorded in March.
Breaking it down, food inflation rose by 176bps to 16.06% y/y in April (March: 14.31% y/y).
On a month-on-month basis, food prices rose at a slower pace, increasing by 3.63% (March: 4.17% m/m), primarily due to slower price increases of Millet Whole grain, Yam Flour, Ginger (Fresh), Beef, Garri, Yam Tuber, Pepper (Fresh), Cray Fish, Cassava Tuber, Beans, Irish Potatoes, Toma toes (Fresh), Wheat Grain (Sold loose), Soy Beans, Guinea Corn, Plantain, Carrots (Fresh) etc.
Elsewhere, core inflation (all items excluding farm produce and energy) moderated by 35bps to 15.86% y/y in April (March: 16.21% y/y). On a month-on-month basis, the core index increased by 1.03% (March: 4.03% m/m).
